Highway Holding Q1 Profit Rises - Quick Facts

(RTTNews) - Highway Holdings Limited (HIHO), a producer of products for blue chip original equipment manufacturers, Monday said its first-quarter net income climbed to $302,000 or $0.08 per share from $256,000 or $0.07 per share reported last year.

Net sales for the same period increased to $5.9 million from $5.6 million a year earlier.

"By phasing out very low margin business, we were able to satisfy the increased demand for additional production capacity from our higher margin customers. The additional demand and the improved pricing allowed us to pay higher wages and thereby retain and hire more workers, despite the extremely tight labor market in Shenzhen, China," said Roland Kohl, chairman, president and chief executive officer.